Latest news with #DjatmikoBrisWitjaksono
Yahoo
2 hours ago
- Business
- Yahoo
Indonesia aims to seal EU free trade agreement in 2026, official says
JAKARTA (Reuters) -Indonesia aims to seal a free trade agreement with the European Union in 2026, Indonesian trade ministry official Djatmiko Bris Witjaksono said on Friday, after the two sides completed their latest round of negotiations. Indonesia and the EU have been in discussions on the agreement for about nine years, and are aiming to sign and ratify it by next year, Djatmiko told reporters, adding it could come into effect by late 2026 or early 2027. The EU has committed to provide market access to priority Indonesian products such as palm oil, textiles, footwear and seafood, Djatmiko said. Indonesia and the EU have previously clashed on tougher EU trade rules for products with potential links to deforestation, which could have an impact on shipments of Indonesian palm oil. In turn, Indonesia has also pledged to increase market access for agricultural and manufactured goods from the EU, Djatmiko said. EU ambassador to Indonesia Denis Chaibi said negotiations are ongoing and "substance will determine timing." The main benefits of the free trade deal for Indonesia include increased foreign direct investment from the EU in sectors like renewables, semiconductors, and mineral derivatives, a presentation slide presented by Djatmiko showed. The deal could increase exports by 5.4%, according to an internal benefit analysis, but senior economic minister Airlangga Hartarto said this was a conservative estimate and he targets a 50% increase in three years. In 2024, the EU invested $1.1 billion in Indonesia, a drop of more than 50% from the previous year. Indonesia's exports to the EU last year were worth $17.3 billion, while imports from the EU were worth $12.8 billion, Indonesian government data showed.
Business Times
4 hours ago
- Business
- Business Times
Indonesia aims to seal EU free trade agreement in 2026
[JAKARTA] Indonesia aims to seal a free trade agreement with the European Union in 2026, Indonesian trade ministry official Djatmiko Bris Witjaksono said on Friday (Jun 13), after the two sides completed their latest round of negotiations. Indonesia and the EU have been in discussions on the agreement for about nine years, and are aiming to sign and ratify it by next year, Djatmiko told reporters, adding it could come into effect by late 2026 or early 2027. The EU has committed to provide market access to priority Indonesian products such as palm oil, textiles, footwear and seafood, Djatmiko said. Indonesia and the EU have previously clashed on tougher EU trade rules for products with potential links to deforestation, which could have an impact on shipments of Indonesian palm oil. In turn, Indonesia has also pledged to increase market access for agricultural and manufactured goods from the EU, Djatmiko said. EU ambassador to Indonesia Denis Chaibi said negotiations are ongoing and 'substance will determine timing.' A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The main benefits of the free trade deal for Indonesia include increased foreign direct investment from the EU in sectors like renewables, semiconductors, and mineral derivatives, a presentation slide presented by Djatmiko showed. The deal could increase exports by 5.4 per cent, according to an internal benefit analysis, but senior economic minister Airlangga Hartarto said this was a conservative estimate and he targets a 50 per cent increase in three years. In 2024, the EU invested US$1.1 billion in Indonesia, a drop of more than 50 per cent from the previous year. Indonesia's exports to the EU last year were worth US$17.3 billion, while imports from the EU were worth US$12.8 billion, Indonesian government data showed. REUTERS
Reuters
6 hours ago
- Business
- Reuters
Indonesia aims to seal EU free trade agreement in 2026, official says
JAKARTA, June 13 (Reuters) - Indonesia aims to seal a free trade agreement with the European Union in 2026, Indonesian trade ministry official Djatmiko Bris Witjaksono said on Friday, after the two sides completed their latest round of negotiations. Indonesia and the EU have been in discussions on the agreement for about nine years, and are aiming to sign and ratify it by next year, Djatmiko told reporters, adding it could come into effect by late 2026 or early 2027. The EU has committed to provide market access to priority Indonesian products such as palm oil, textiles, footwear and seafood, Djatmiko said. Indonesia and the EU have previously clashed on tougher EU trade rules for products with potential links to deforestation, which could have an impact on shipments of Indonesian palm oil. In turn, Indonesia has also pledged to increase market access for agricultural and manufactured goods from the EU, Djatmiko said. EU ambassador to Indonesia Denis Chaibi said negotiations are ongoing and "substance will determine timing." The main benefits of the free trade deal for Indonesia include increased foreign direct investment from the EU in sectors like renewables, semiconductors, and mineral derivatives, a presentation slide presented by Djatmiko showed. The deal could increase exports by 5.4%, according to an internal benefit analysis, but senior economic minister Airlangga Hartarto said this was a conservative estimate and he targets a 50% increase in three years. In 2024, the EU invested $1.1 billion in Indonesia, a drop of more than 50% from the previous year. Indonesia's exports to the EU last year were worth $17.3 billion, while imports from the EU were worth $12.8 billion, Indonesian government data showed.
The Star
2 days ago
- Business
- The Star
Indonesia nears trade deals with EU, Eurasian bloc
JAKARTA: (Bernama) Indonesia is close to finalising trade deals with the European Union (EU) and the Eurasian Economic Union (EAEU) by year-end to expand market access and attract foreign investment, officials said. The two agreements are the Indonesia-EU Comprehensive Economic Partnership Agreement (CEPA) and the Indonesia-EAEU Free Trade Agreement (FTA). Trade Minister Budi Santoso said the agreements are crucial amid global trade uncertainty, with the potential to diversify Indonesia's export markets and provide alternatives for products impacted by the United States tariff policies. "Negotiations are progressing rapidly, and we are targeting completion this year. We will ensure the benefits can be felt by businesses and the public at large,' he said in a statement. The deals aim to lower tariff and non-tariff barriers on key Indonesian exports such as palm oil, agricultural products, textiles, and electronics, while also covering investment, sustainability, and support for small and medium-sized enterprises (SMEs). Talks with the EU began in 2016, while negotiations with the EAEU, comprising Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan, were launched in 2022. According to the Ministry of Trade, Indonesia's total trade with the EU reached US$30.1 billion in 2024, with a US$4.5 billion surplus, and trade with the EAEU stood at US$4.1 billion, with a US$1.1 billion deficit. The ministry said the agreements are expected to diversify export markets and reinforce Indonesia's position as a key economic player in Southeast Asia. "These deals are not only about increasing trade, but also about boosting competitiveness, creating jobs, and supporting industrial growth,' said International Trade Negotiations director-general Djatmiko Bris Witjaksono. The Indonesian government is promoting the deals through its BISA Export Programme, which supports local micro, small, and medium enterprises (MSMEs) in accessing global markets through business matching, training, and partnerships. - Bernama
